Business

A senior Goldman Sachs executive was permanently barred from banking after his involvement in the 1MDB fraud. The US Federal Reserve found Andrea Vella engaged in unsafe practices by arranging bond issues and failing to disclose key information about Malaysian financier Low Taek Jho's involvement in complex transactions.

TCL Communications announced it will discontinue BlackBerry-branded Android smartphones this August, concluding a licensing agreement that began in 2016. The Chinese tech company successfully revived BlackBerry's smartphone lineup during their partnership, including the popular KEY Series.

The Organization of Petroleum Exporting Countries (OPEC) and allies are holding an early meeting to address sharp oil price declines caused by coronavirus fears. With China's economic slowdown and global market uncertainty, the joint technical committee will evaluate potential production cuts to stabilize oil prices.

Singapore has updated its Global Investor Programme (GIP) to make it more attractive for international entrepreneurs. The changes aim to strengthen the country's banking and finance sector by simplifying permanent residency applications for successful business professionals looking to invest and relocate.

International firms temporarily close outlets in China to mitigate coronavirus transmission, with over 200 Chinese fatalities and nearly 10,000 global infections reported. Automobile and technology giants lead proactive response to pandemic.

The Allied Pilots Association has filed a lawsuit against American Airlines to immediately stop US to China operations. APA President Eric Ferguson emphasized the critical importance of crew and passenger safety amid the coronavirus pandemic, seeking a temporary restraining order to prevent the approximately 56 monthly flights between the US and China.

The Malaysian Rubber Glove Manufacturers Association reports surging global demand for medical gloves as coronavirus spreads, with urgent requests from China and other affected regions prompting increased manufacturing to support healthcare needs.

Starbucks, the world's largest coffee chain, has closed over half of its Chinese stores during the coronavirus outbreak. The company adjusted operating hours to protect workers and support government prevention measures, leading to a delay in 2020 profit forecasts despite previous expansion plans.

Following Kobe Bryant's sudden death, fans worldwide rushed to purchase Lakers jerseys, Nike shoes, and commemorative items. Nike confirmed complete sellout of Bryant's merchandise, with online and physical stores experiencing unprecedented demand. Special edition memorabilia, including Los Angeles Times' tribute editions, quickly disappeared from shelves as mourners sought to remember the basketball icon.

As the coronavirus outbreak intensifies, Chinese businesses are implementing work-from-home policies to reduce virus transmission risks. Major companies like Tencent and UBS are encouraging staff, especially those in Hubei province, to quarantine and work remotely during the extended holiday period.